Life insurance application activity in the US dropped 7.3% in December compared with a year earlier, according to the MIB Life Index. The decline was seen across all age groups, with the sharpest drop among those ages 61 to 70. Overall activity for 2024 was 0.1% lower than in 2023.

AI and big data are reshaping actuarial practice, says David Sandberg of Charles River Associates, highlighting trends such as increased efficiency, transparency and interest in insurtech. Actuaries are engaging more with data scientists and regulators, and industry standards for using AI and big data might be revised, Sandberg says.

Managing taxes in retirement can be complex, but three steps can simplify the process, according to financial planner Evan Beach. Retirees should withhold taxes from income sources such as pensions and Social Security, run projections based on total tax liability and pay the difference through quarterly estimated payments, writes Beach.

Financial advisors should put their own biases aside and be willing to discuss cryptocurrencies with clients who are interested in them, writes Kimberly Foss of Mercer Advisors. Foss recommends approaching it like you would any other investment and focusing on basic concepts such as available resources, risk tolerance and long-term goals.

More than 70 obesity-centered patient advocacy organizations, spearheaded by the Obesity Care Advocacy Network, are urging the incoming presidential administration to sign off on a proposal to let Medicare cover obesity drugs, citing the need to address a growing health crisis. An earlier proposal suggested reclassifying obesity as a chronic disease to enable coverage, but the rule's implementation depends on the new administration's decision.

List prices for the top 25 Medicare Part D drugs have almost doubled on average since their market introduction, often surpassing inflation, according to an AARP report. The findings come as Medicare begins negotiating drug prices under the Inflation Reduction Act, and a $2,000 annual cap on out-of-pocket costs will take effect this year.

ARI Financial Group founder Eric Bouskila emphasizes the importance of ongoing client education in life insurance, noting that while clients now have access to more information, it often lacks depth. "We conduct annual reviews with our clients, as it's critical that policy owners understand the long-term implications of any modifications they make," Bouskila says.

A survey of 277 physicians with at least $2 million in investable assets shows significant opportunities for wealth managers in estate, exit, retirement and asset protection planning, write Jerry Prince and Homer Smith. They note that many physicians have outdated estate plans, lack formal exit strategies, and express concerns about retirement funds and lawsuits. Advisors can add value by offering sophisticated solutions and building networks of specialists.